PHYSICAL DELIVERY: Silver at $113 and Banks Are "Drying" at COMEX – 49 Million Ounces Delivered in January

[Igor Pereira]

Traders, screen price says $113But the flow of orders says "Panic of Offer." Forget the 5-minute charts for a moment and look who's moving the real metal.

By Igor Pereira Financial Market Analyst

We've just confirmed that even at three-digit prices, physical deliveries haven't stopped. On the contrary, they're the only thing that matters now. We're not seeing cash settlement or paper rolls. We're looking at armored trucks.

Below, the autopsy of the delivery data that proves that Smart Money is securing supply at any cost.

It's not Reddit's day traders who are operating on it. These are the pillars of the financial system.

• The Activity: Today, 35 contracts have been issued and 35 contracts They were immediately stopped for physical delivery.

• Volume: That represents 175,000 ounces Silver being taken off the market at $113/oz.

• Players:

  • Issuer: Bank of America (BOFA).

  • Receivers (Buyers): Wells Fargo, Morgan Stanley., StoneX and WMD.

• Reading: When Wells Fargo and Morgan Stanley demand physical delivery at record prices, that's not speculation. That's... industrial and banking needs. Big Money is not looking at graph resistance; they are ensuring physical stocks before they run out.

When we give a "zoom out", the scale of the drainage in January is frightening.

• Total January: The deliveries accumulated in the month (Month-to-Date) reached 9.889 contracts.

• Conversion: That's equal to 49.4 MILLION OUNCES silver.

• The Value: We're talking about $5.6 Billions of dollars in physically allocated silver in a single month. This is heavy institutional capital leaving the trust system and entering tangible assets.

While the metal comes out the front door, the stores are not being restored.

• The output: Comex coffer statistics show a net withdrawal of -3,43 million ounces Today. Safe deposit boxes JPM, Asahi, CNT and Loomis They're bleeding inventory.

• The Accounting Trick: You may see a slight increase in the category "Registered" (Registered), but make no mistake. This is just an internal rerun of the Eligible category.

• The Reality: No new silver has arrived. There's no flood of supply. It's just creative accounting to buy time. The vaults drain faster than they fill.

The paper system pretends nothing's wrong, but the delivery data shows the banks are running to the exits.

My Vision: When the price goes up and the metal keeps coming out of the vaults, you are not "early" in the trade — you are correctly positioned.

1. Hold the physical: This isn't about getting rich fast. It's about possessing what the system can't print, it can't fake, and it's silently losing control.

2. Target: With 50 million ounces leaving in a month, the pressure for Silver to seek $150+ It's purely a matter of stock math.

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